West Hartford investor Henry Zachs is offering $240,500 to boost his majority stake in a Massachusetts company whose chief asset is a patent for a computer spam product.
The Zachs Family Limited Partnership currently owns some 9 million shares, or about 71 percent, of Ziplink Inc., based in Lowell, Mass., the company said Monday.
Zachs, 76, who is Ziplink’s chairman and CEO, is offering 6 ½ cents for each of the remaining 3.7 million shares in public hands. The offer expires at 5 p.m. on Sept. 19.
Last October, Zachs bought 1.7 million Ziplink shares owned by its Canadian telecommunications partners, Nortel Networks Ltd.
At the time, Ziplink claimed to have $1 million in assets and the spam-product patent that the company says may or may not be of value.
The Zachs family also is offering stockholders who sold their shares to the family during the first 48 hours from 8 a.m. Monday for less than 6 ½ cents can recover the difference after submitting proper proof of ownership.
Zachs confirmed to HBJ Today Monday his plan to take Ziplink private, however he declined comment beyond that.
